HSBC: Jefferies downgrades stock

(CercleFinance.com) - Jefferies has downgraded its rating on the HSBC stock from "buy" to "hold" and has cut its corresponding target price from 400 pence to 370 pence.


The share's new target price presents upside potential of just 8%, which is insufficient to justify a buy rating, the US broker said in a report.

Jefferies also points to execution risk in the UK bank's cost decentralisation project, in addition to an unattractive risk/return profile.


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